WTI Oil Short Term Forecast: Breakout...But Not Yet!

We have seen a good recovery within the past week in crude prices, the price has managed to take the main descending trend line for the overall major bearish wave shown on chart, and that is constructive so far. However, watch carefully 54.25 horizontal resistance level which acts as a main barrier towards a deeper bullish rebound in crude prices. A break above that resistance at 54.25 will probably clear the way for further shift in the short term technical outlook towards a target of 58.70 areas.

Note that so long as price is trading within this triangle i outlined on chart, it will probably remains sideways biased.

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Your taking away all 0.3 of my UKOIL long people away with this neutral zone idea ;) You've seen Star Trek. The point of having a neutral zone is to know if the Klingon's respect Federation space. And the neutral zone is where seminal battles take place. (-100) ;)